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Chinese Equities Struggle


Chinese mainland equities led the weakness witnessed across most of the major Asia-Pac indices, as the CSI 300 index shed over 1.0%, with worry surrounding Evergrande contagion weighing on the property sector, even as the PBoC continued to play down worry re: the systemic impact surrounding the China Evergrande situation (some read this as a signal from policymakers that a bailout would not be forthcoming). Mixed Chinese economic data did little to support the space, with the same holding true for sell-side calls re: a lower likelihood of PBoC easing in Q421. U.S. e-minis trade either side of unchanged, with the NASDAQ struggling the most owing to the uptick in U.S. Tsy yields. Some pointed to weekend comments from BoE Governor Bailey & the latest NZ CPI reading as another negative for equities i.e. via inflationary pressures.

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